RE/MAX Holdings, Inc. (NYSE:RMAX) Q2 2017 Earnings Conference Call - Final Transcript
Aug 04, 2017 • 08:30 am ET
Good morning and welcome to the RE/MAX Holdings Second Quarter 2017 Earnings Conference Call and Webcast. My name is Lisa and I will be facilitating the audio portion of today's call. At this time, I would like to turn the call over to Andy Schulz, Vice President of Investor Relations. Mr. Schulz, please go ahead.
Thank you, operator. Good morning, everyone and welcome to RE/MAX Holdings second quarter 2017 earnings conference call. Please visit the Investor Relations page of remax.com for all earnings related materials and to access the live webcast and the replay of the call today. If you are participating through the webcast, please note that you will need to advance the slides as we move through the presentation.
Turning to Slide 2, I would like to remind everyone that on today's call, our prepared remarks and answers to your questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Examples of forward-looking statements may include those related to agent count, revenue, operating expenses, financial guidance, housing market conditions, as well as non-GAAP financial measures. As a reminder, forward-looking statements represent management's current estimates. RE/MAX assumes no obligation to update any forward-looking statements in the future.
We encourage listeners to review the more detailed discussions related to these forward-looking statements contained in our filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the second quarter earnings press release, which is available on our website. Joining me today are our Co-CEO and Co-Founder, Dave Liniger; our Co-CEO, Adam Contos; and our Chief Financial Officer, Karri Callahan. We will conduct a Q&A session immediately following our prepared remarks. With that, I would like to turn the call over to RE/MAX Co-CEO, Dave Liniger. Dave?
Thank you, Andy and thanks to everyone for joining our call today. Turning to Slide 3, our momentum from the beginning of the year continued into the second quarter. Our total agent count increased nearly 6% year-over-year and we surpassed 115,000 agents worldwide. In the US and Canada combined, we increased our agent count almost 3% compared to the second quarter of last year adding over 2,300 agents.
In the 2017, REAL Trends 500 annual survey, RE/MAX agents were twice as productive on average compared to agents at other large brokerages. And our overall revenue increased more than 12% year-over-year as we continue to see the benefits from our 2016 regional acquisitions, the incremental contributions from Motto, and solid organic revenue growth from RE/MAX.
Moving to Slide 4, for the third year in a row, RE/MAX has more agents and teams named America's best real estate agents than any other brand according to REAL Trends. One out of every five agents included in this year's survey is a member of our network. Our agents are incredibly dedicated to their clients and this ranking confirms that many of the industry's best are affiliated with RE/MAX.